Start with changing a few destinations or the time periods you stay in each place. If your expected savings total isn’t enough to cover your trip budget, it’s time to make some changes. If your savings is higher than your budget number, congratulations, you’re done! Time to give yourself a pat on the back and follow your savings plan through to you departure date. If your final budget number is higher than your expected savings amount, skip to Step 6. Step 5 – Check Your SavingsĬompare the aggregate numbers on your spreadsheet to your expected savings amount. When you travel, there are only a select number of things you spend money on – they end up being your budget variables.Ĭompare them against travelers’ who have completed trips to see how yours stands up. If you’re planning on being in Bangkok for 5 days you can use your spreadsheet to calculate how much money you need to have for that destination. Feel free to include them, or switch them out with your own as you assemble your budget. We’ve entered some cities/countries to get you started. Once all your information is entered for every month and destination of your trip, you should have a solid idea of how much to save up for your trip budget.įactor in higher range numbers toward the beginning of your trip then get more conservative with your average spending estimations as you become more comfortable on the road later on - travelers typically spend less money as they become road-savvy. Note: do not try to update the “total” line items! All “total” fields have pre-populated formulas to calculate amounts and will update automatically as you enter you costs. Using the information you tallied in Step 2, fill in the daily average costs on the spreadsheet for each category. How to use the Around the World Travel Budget template:Įnter the cities/countries from your master list on the left (it may be easier to budget smaller countries as individual units rather than breaking them up by city), then the number of nights you’re expecting to stay in those places. Activities/admissions (non-organized sightseeing).Included are categories for the most typical traveling expenditures: Step 3 – Use a Budget Templateĭownload our Around the World Travel Budget template. Start compiling information for the traveling expenditure categories in Step 3. Use one, or if you want to be extra thorough, calculate the average of the results you obtain from both. Here are our two favorite online cost-of-living calculators. Cost-of-living analyses exist for pretty much every country in the world. Using cost-of-living calculators, tally up per day expenses based on your style of travel for each of the places on your master list. Keep the list handy - you’ll need it for Step 3. Step 1 – Create an ItineraryĬompile a master list of all the places you’re planning on visiting on your trip. You’ll see a reliable long-term trip budget for traveling expenses on the road materialize before your very eyes, one you can rely on for your entire round-the-world trip! Just be sure to create your travel budget before you buy your tickets – you may have to alter your itinerary to fit your budget–this is much easier than altering your budget to fit your itinerary. Use this 6-step method to determine how much money to take/save for your upcoming RTW trip. Just follow the steps below and you’ll have a solid financial plan to keep you from having to return early because you ran out of money. The best way to do this is to plan out an around the world trip budget that takes into account your expenses for your daily needs (food, drink, accommodation, transit) for each place you visit, to tally those numbers and get a target amount to save for. In order to keep your around the world trip running like a well-oiled machine, you’ll need to figure out how much money to stockpile before you take that first flight.
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